By Marlo Glass, MarketsFarm
WINNIPEG, Aug. 26 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher on Wednesday morning.
Canola prices got a boost from strength in comparable vegetable oils. Nearby soyoil contracts were up by about a third of a cent in early morning activity. However, European rapeseed and Malaysian palm oil were lower, which limited upside.
Continued strength to the Canadian dollar kept a lid on further gains for canola. The loonie was around 75.8 United States cents this morning, as the U.S. dollar index remained around 93 points.
According to the most recent report from Manitoba Agriculture, two per cent of the province’s canola has been harvested, though much has been swathed.
About 6,500 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Nov 493.10 up 1.90
Jan 500.30 up 1.10
Mar 505.60 up 0.60
May 510.40 up 0.10
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